Companies. [Ch. 31. No. 1.

the default shall be liable to a fine of twenty-five dollars
for every day during which the default continues.

(5) For the purposes of this Ordinance a company
which carries on the business of insurance in common with
any other business or businesses shall be deemed to be an
insurance company.

130. (1) Every company shall at each annual gencral
meeting appoint an auditor or auditors to hold office until
the next annual general meeting.

(2) If an appointment of auditors is not made at an
annual general meeting, the Registrar may, on the applica-
tion of any member of the company, appoint an auditor
of the company for the current year.

(3) A person, other than a retiring auditor, shall not
be capable of being appointed auditor at an annual general
mecting unless notice of an intention to nominate that
person to the office of auditor has been given by a member
to the company not less than fourtecn days before the
annual general meeting, and the company shall send a copy
of any such notice to the retiring auditor, and shall give
notice thereof to the members, either by advertisement or
in any other mode allowed by the articles, not less than
seven days before the annual general meeting:

Provided that if, after notice of the intention to nominate
an auditor has been so given, an annual general meeting
is called for a date fourteen days or less after the notice
has been given, the notice, though not given within the
time required by this subsection, shall be deemed to have
been properly given for the purposes thereof, and the
notice to be sent or given by the company may, instead of
being sent or given within the time required by this sub-
section, be sent or given at the same time as the notice of
the annual general meeting.

(4) Subject as hereinafter provided, the first auditors
of the company may be appointed by the directors at any
time before the first annual general meeting, and auditors so
appointed shall hold office until that meeting:

Provided that—

(a) the company may at a general meeting of which
notice has been served on the auditors in the same

27 (2)

419

Appoint-
ment and
remunera-
tion of
auditors.